The State would never have had to rescue the former bank and insurer SNS Reaal if the company had not started the failed real estate project Property Finance.

This is the opinion of researchers who have conducted research on behalf of the Enterprise Chamber into the state of affairs at SNS Reaal prior to the nationalization in 2013.

The researchers have no doubt that if Property Finance had not been purchased at the time, nationalization would not have been necessary.

Critics previously called the purchase a remarkable step, because SNS Reaal had no experience with real estate.

According to the Vereniging van Effectenhouders (VEB), which defends the interests of investors, many investors have suffered major damage as a result of SNS Reaal's policy choices.

In a few years, about 4 billion euros in stock market value went up in smoke, according to deputy director Paul Coenen of the VEB.

When the financial crisis hit in 2008, SNS Reaal suffered significant losses in real estate financing.

Ultimately, according to Coenen, the real estate division dragged the group into the abyss.

Years ago, the investor club had urged that everything be re-examined.

Now the Enterprise Chamber of the Amsterdam Court of Appeal has published a report of hundreds of pages.

Coenen states that his organization wants to take the time to go through the research report.

But after a quick read of the report, he can already say that the case is going to take a turn for him as far as he is concerned.

The VEB wants to use the report to see whether, for example, directors and supervisory directors can be held liable for the damage suffered by investors.

Coenen is not yet able to say exactly which steps the organization will take.

He also says it is not yet clear how high the claims will turn out.